Dollar falls, hovers near 14-month high

The dollar declined on Thursday morning in Asia but stayed near a 14-month high versus the euro. This came as inflation due to a surge in energy prices continues to distress investors.

The U.S. Dollar Index that measures the greenback against other major currencies nudged 0.03% lower to 94.248 by 10:53 PM ET (2:53 AM GMT).

The USD/JPY pair climbed 0.06% to 111.47.

The AUD/USD pair jumped 0.11% to 0.7280, while the NZD/USD pair tallied an increase 0.11% to 0.6917.

The USD/CNY pair remained at 6.4467, with Chinese markets closed for a holiday. The GBP/USD pair rose 0.01% to 1.3582.

Investors are still waiting for the latest U.S. jobs data, which will include non-farm payrolls, on Friday. The ADP non-farm employment change for September was higher than expected at 568,000 as lower COVID-19 cases allowed outdoor activities.

Investors are also keeping a close watch on developments in the U.S. debt limit discussions. Senate Minority Leader Mitch McConnell stated that his Republican party would approve an extension of the federal debt ceiling until December 2021.